HomeMy WebLinkAbout14424 1 RESOLUTION NO. 14,424
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF HIA VELO, LLC, LOCATED AT 2201
5 BROOKWOOD DRIVE, LITTLE ROCK, ARKANSAS, TO
6 PARTICIPATE IN THE ARKANSAS TAX BACK PROGRAM (AS
7 AUTHORIZED BY SECTION 15-4-2706(D) OF THE CONSOLIDATED
8 INCENTIVE ACT OF 2003); AND FOR OTHER PURPOSES.
9
10 WHEREAS, the regulations of the Arkansas Tax Back Program require local government
11 endorsement of businesses or enterprises that wish to participate in and take advantage of the program;
12 and,
13 WHEREAS, HIA VELO, LLC, has been declared by the management of the Arkansas Tax Back
14 Program to be an appropriate applicant to benefit from the features of the program; and,
15 WHEREAS, HIA VELO, LLC, will be relocating a manufacturing facility from Montreal Canada,
16 into Little Rock, Arkansas, developing new products and brands to manufacture and distribute globally;
17 and,
18 WHEREAS, the project will require a total investment of One Million, Two Hundred Fifty Thousand
19 Dollars($1,250,000.00); and,
20 WHEREAS, HIA VELO, LLC, has agreed to furnish to the management of the Arkansas Tax Back
21 Program all information necessary to assure compliance with the terms and conditions of the program;
22 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK,ARKANSAS:
24 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate of
25 Local Government Endorsement of HIA VELO, LLC, to participate in the Arkansas Tax Back Program
26 and to be eligible to benefit from any refunds and tax credits, including City gross receipts and
27 Compensating Use Tax Credits, in accordance with the regulations of the Arkansas Tax Back Program.
28 Section 2. To the extent the City has authority to grant such authority, the Department of Finance
29 and Administration is authorized to refund any City Sales and Compensating Use Taxes collected from
30 the HIA VELO, LLC, during the period of time that it participates in the Arkansas Tax Back Program.
31 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
32 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
33 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
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1 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
2 resolution.
3 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
4 with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
5 ADOPTED: October 3,2016
6 AT fati APPROVE :
8 lir 45"4r
9 9itsan Lan le City Clerk Mark Stodola,Mayor
10 APPR S TO LEGAL FORM:
11
12 J 1,(/I
13 Bill Mand,Chief Deputy City Attorney
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